Uncategorized June 4, 2012 A Roadmap for the Future Presentation #4 Follow Share this article Barry Miller One only has to look at the outfit which wrote this to understand what it is: http://www.VegasPropertyInvesting.com Really? Buy a rent-ready home for $50,000 and rent it for $712/month – in America? Really? Maybe in Afghanistan – but in America? Let me see, that house has been empty for 3-5 years while the bank screwed around trying to find the real owners of the mortgage. The “locals” have stripped it bare. And you will get it for $50,000 with no additional investment to get it rent ready? Sorry, but the bank will not let it go for that – regardless of the trashed out shape it is in. Been there – done that. And where are all these displaced homeowners and laid-off workers that will rent it to generate that positive cash flow you so generously laid out in the “leveraged deal of the century”- living in tents under the viaduct? The truth is the supply of renters has run dry – that is why the rents went up these past few years. If there are no new jobs – there are no new renters. Get real! Learn how to perform a proper assessment, not another con job. God knows your type and the financial/mortgage industry has ripped off America too many times in the past. Sell your con to the Saudi’s or the Las Vegas Mafia ! donx65 Sorry - fewer renters mean Lower rents, since they represent the demand in the equation. http://www.expectedreturnsblog.com Moses Yes http://www.expectedreturnsblog.com Moses Barry, you know what they say, sometimes it’s best to keep your mouth shut because you betray your ignorance by saying too much. The outfit this article came from? That’s my website too buddy. Buy a rent ready home for $50,000? Umm yes, in fact you can buy a rent ready home for $30,000. Do yourself a favor and call an agent in Las Vegas and ask them for pictures of properties that run for $50,000. Maybe you’ll learn something. Why won’t the bank go for a deal? That makes no sense. For banks there’s no point in holding onto properties because last time I checked they weren’t in the property management business. Why would they want to hold on to an expense month after month? When’s the last time you saw a short sale rented out by a bank? When’s the last time you saw an ad “home for rent by Wells Fargo”? Do you even understand what you’re saying? Homes are EXPENSES for banks. And you’re saying the supply of renters is going down? Hmm, if homeowners default on their mortgage, don’t they by definition become renters? And the population in Vegas is rising, as are all the revenue metrics. You watch too much TV, maybe you should come out to Vegas and see things for yourself instead of assuming. Barry Miller Sure, I should get on your Investment Bus to Vegas and let you sell me a house for which there are no renters – of course, only after you make YOUR 6% commission, AND I invest ANOTHER $25-50K in fix-it-up costs (remember, it was trashed out over the past 3-5 years while the bank held onto it and would not sell it or lend money for a mortgage). YOu ask why would banks hold on to property. Where have you been the last 5 years? In Russia drinking vodka with Putin? This certainly shows your lack of knowledge about current events here in America. Folks, until the jobs show up, there are no new renters. People are NOT moving to Vegas (check the stats – there are no jobs). It is all a self serving con job by your web site. http://www.expectedreturnsblog.com Moses You leave me speechless, not because of the depth of your knowledge, but the depth of your ignorance. Barry Miller Moses Here are the results of a sample search on what you so eloquently call “Homes under $50,000″ in the Las Vegas market. Average price: $42,000 Average age: 25.8 years Average days on market: 167 days Typical size: 800-1000 sqft Property Type: ALL CONDOS Oh yes – looks like a BOOMING home market you got there cowboy. The bank can’t even give these things away for $42,000. At each of the market bottoms for condo’s over the last 40 years, you could pick up a bank repossessed condo for just about this price. Bottom line, there has been no appreciation in condo prices in 30-40 years. You call these homes – but they are apartments at best. You cannot get a family into them. The renters are temporary, the vacancy is much higher than you claim, and there is no resale value. That is why they were repossessed in the first place by the bank. The previous owners could not sell them – most likely because the price was too high. The last FOOL you convinced to buy one paid too much for it. These units have cycled on and off the bank repossession list multiple times. Just check the records. I say – BUYER BEWARE. Condos have proven time and again over 40 years to be BAD investments – even for slum lords and their internet savvy marketeers. I’ll say it again – you need J.O.B.S before the new renters show up – and there is no job growth in the Vegas market. It is just another confidence game that you perpetrate. http://www.facebook.com/moses.kim1 Moses Kim I guess all the renters I’m finding are a product of my imagination. Thanks for helping me see the light and letting me realize that the cash I receive every month is just a mirage. I appreciate your infinite wisdom. Barry Miller Well Mr Mature Cowboy – good luck with your business. Sounds like you are making a good life for yourself and others. Enough said. http://www.facebook.com/moses.kim1 Moses Kim Looking at your previous comments in other blogs, I can see that unjustified attacks are the norm for you. Sorry to see that you live your life with such bitterness. Some people mature with age, some don’t. It appears you are the latter. lidya As I see, when data for global economy gets worse, gold is declining also when data for global economy is getting good, gold is declining too. It is using every data as a tool to decline, it seems it will never increase again. http://www.expectedreturnsblog.com Moses Gold doesn’t trade on news typically, neither do markets in general. Need to be patient with this consolidation. lidya QE3 is not coming but how will gold increase ? It seems gold will continue its decreasing. lidya Hi Moses, Do you know Yoni Jacobs who’s published a book “Gold Bubble” predicted that gold would collapse and drop to 700$. Do you have any comment for the forecast ? As you know gold correction has been lasting for about one year and it is not clear it will finish or not ? Shall we continue holding gold or sell it ? Thanks, http://www.ziprealty.com/ ZipRealty Hopefully interesting to read. Especially you post seems informative that you are mentioned with some graphical representation. Its simple to understand your points.